Market Insights 14/08/2025

DAILY MARKET REPORT – 14/08/2025

A muted session seen yesterday as we continue to wait for the upcoming meeting between the Presidents of the US and Russia tomorrow.

Yesterday the US President commented that he hoped and expected that a second meeting would quickly follow the first to discuss details with the first meeting geared to get a feel for whether a deal could be possible or not. This followed an online meeting he had with the Ukrainian President and other European leaders.

Centrica, one of the major capacity holders, and Energy Capital Partners are to buy National Grid Grain LNG Limited, the largest LNG terminal in the UK, from National Grid for around £1.5 billion with the deal expected to complete by the end of the year.

The latest Commitment of Traders report continues to show net length decreasing, which has been the case for several consecutive weeks now, with a reduction of 17 TWh in the latest report.

Yesterday saw the TTF Front Month contract settle at €32.60 (from €32.41) and the NBP Front Month contract at 80.54p (from 79.48p).

Ormen Lange remains on unplanned outage this morning and we see a Norwegian flow nomination level at 325mcm (329). EU gas storage showing at 72.49% (72.27%) full as per AGSI+. LNG vessels due to arrive in UK the next couple of weeks is 0 (0).

This morning we see the Front Month TTF contract at €33, NO CHANGE to the previous settlement.

A quick check on some key contracts (rounded to nearest whole):
Curve TTF Front Month €33, Front Season €34 (vs €33 and €34)
Curve NBP Front Month 81p, Front Season 88p (vs 79p and 88p)
UK Gas NBP spot 82p (from 82p)
UK Power Base spot £88 (from £85)

UK power prices show the UK Front Month Baseload contract at £76 (£77) and Front Season at £83 (£83).

In other areas of the market Brent Oil is at $66 ($66) and EUAs are at €72 (€72). Henry Hub is at $2.83 ($2.81) and JKM is at $11.93 ($11.93) with TTF Equiv of $11.21 ($11.12).

Numbers in brackets show the previous reports value.